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Accounting, Payroll & Pension Issues/Questions Answered by Expert Mike Wellman
| Subject | Date Asked |
| FICA withholding | 1/29/2010 |
| Q: My church in Michigan has a 16 year old student who cleans our church on a weekly basis. We pay him ... A: He will not be liable for any income taxes, assuming this is his only income, however he will need ... | |
| accounting-determining transaction | 2/10/2009 |
| Q: I am a teacher(9-12) who has been assigned to teach accounting. A question came up that I couldn't ... A: It would be a debit to insurance expense and a credit to cash. It will not be until the end of the ... | |
| profits | 12/3/2008 |
| Q: I own an S-Corp, and in addition to payroll, when I need to get cash into my personal account, I do ... A: The distributions, since they are not deductible, increase the net income of the S Corp and that ... | |
| Deferred Salary accounting | 8/5/2008 |
| Q: We have a new staff member who wishes to defer salary payment for three months. I did not ask why. ... A: As far as payroll accounting and the IRS is concerned, the payroll taxes are not due until the ... | |
| 1065 Filing Requirements | 5/31/2008 |
| Q: My boss says there is a regulation that states a partnership with less than 10 partners is not ... A: Hold on there cowboy. Your question asked if a partnership with fewer than ten partners is required ... | |
| I think my boss is commitiing tax fraud | 3/6/2008 |
| Q: question. My job seems very shady. To make a long story short, its a family owned business. Every ... A: It sounds fishy but I do not really have all the facts to make that determination. If he has no ... | |
| New S Corp Payroll Taxes | 12/28/2007 |
| Q: Mike. I have begun setup of a new property investment business and need to know if I am the owner ... A: It is pretty easy. You should go to the IRS site (irs.gov) and download Circular E. It will explain ... | |
| New to Bookeeping | 12/27/2007 |
| Q: I am new to the bookkeeping scene and my husband opened his own business and I am doing the book ... A: You can do that but it is not necessary. You can simply use the standard mileage rate for all miles ... | |
| taxes on bonus checks | 12/4/2007 |
| Q: We are giving bonus checks to our employees this Christmas. Do I take payroll taxes out of them? A: Yes, however you may want to make a manual adjustment for federal income tax withholding. The ... | |
| Bi-monthly payroll vs. bi-weekly | 11/5/2007 |
| Q: I work for a company that has recently changed their payroll setup from a bi-weekly system to a ... A: In the long-term, you will be paid exactly the same under both methods. Therefore, there is no ... | |
| Taxes/New business | 10/20/2007 |
| Q: We started our own Excavating Business in April. Pretty much our bookkeeper has said that the first ... A: First of all, your bookkeeper may be very wrong. You may very well pay taxes from the very first ... | |
| New to bookkeeping | 10/12/2007 |
| Q: I am trying to get this debit credit and journal methods down for better record keeping. I only have ... A: A sale on account triggers two entries. A/R XXX.XX Sales XXX.XX and Cost of sales XX.XX ... | |
| Bi-monthly payroll | 10/5/2007 |
| Q: Employees are paid bi-monthly. Around this time last year we ran into this problem, looking at ... A: First, it does not make sense that they turn in a timesheet every two weeks but get paid every other ... | |
| switching from bi-weekly to bi-monthly payroll | 9/27/2007 |
| Q: I'm about to require mandatory direct deposit of payroll. I currently pay hourly employees bi-weekly ... A: There is no magic bullet here. The first thing is to make sure they have plenty of notice that it is ... | |
| salaried employee | 9/9/2007 |
| Q: I am supposed to be a salaried employee for a major pharmaceutical retail chain. As a pharmacist, ... A: Please do not shoot the messenger, but I have given you the answer. It does not violate the law. ... | |
| salaried employee | 9/9/2007 |
| Q: I am supposed to be a salaried employee for a major pharmaceutical retail chain. As a pharmacist, ... A: Yes it is allowable as long as you are not paid less than minimum wage for any pay period. This is ... | |
| State Taxes | 8/22/2007 |
| Q: I started out in my own store, but recently closed it and now selling from an antique mall. The ... A: The owner of the mall should either be filling out the E500 for you or supplying the information to ... | |
| financial ratios | 8/16/2007 |
| Q: What does it mean for a company if their ROCE decreases from the previous year. Is this a good thing ... A: In general, a reduction in ROCE is a bad thing. One cause could be a reduction in net income which ... | |
Accounting, Payroll & Pension Issues
Answers by Expert:
Mike Wellman
Top Expert on this page
Expertise
I can answer questions dealing with financial accounting, tax accounting, bookkeeping and payroll issues. NO PENSION questions.
Experience
Certified in 1980. Experience with Fortune 15 company in finacial accounting, manager at Price Waterhouse and then over 20 years with small business clients.
Education/Credentials
BBA - Baylor University.
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